Co-op bank, a WARNING.

amiehall

mjm3346 wrote: »

Because the money they are trying to avoid paying is probably owed to one of the other big banks and if they bank with them as well then money can be taken direct from their accounts.

It's not to avoid payment! Say I have a credit card with a large balance and I can't afford to pay in full. I bank with the same company. When I'm paid, they may choose to put all my wages towards the cc balance for example, leaving me no money to buy food or pay other priority bills.

If you move and bank elsewhere, you now have the power to send them the agreed amount. They can't just take extra money from your account on a whim.

Padstow

savagej wrote: »

The pay at the petrol pump problem should only happen if your card starts 4508. They can only change it to a card starting 4988 if you have a current account and not a cashminder account.

The odd deposit you will have to take up with the bank.

The pending debits, either match up with the debits when they hit your accounts or 4 working days in general after the transaction.

I may not have explained it well savage, but one of my points was the pending debits did not match up, as it transpired that I had three times the amount in my account, so the payment in the supermarket shouldn't have been declined.
Also to add that not all transactions appear within 4 days. When with Barclays a petrol transaction for £65 appeared after 4 weeks!

bengal-stripe

amiehall wrote: »

Say I have a credit card with a large balance and I can't afford to pay in full.......they may choose to put all my wages towards the cc balance

Nobody asks you to pay in full, you only have to pay the minimum.

amiehall wrote: »

If you move and bank elsewhere, you now have the power to send them the agreed amount. They can't just take extra money from your account on a whim.

The agreed amount is the minimum. Rest assured, if you haven't broken the agreement previously, they will not take any more monies.

callum9999

mjm3346 wrote: »

Because the money they are trying to avoid paying is probably owed to one of the other big banks and if they bank with them as well then money can be taken direct from their accounts.

I assumed that, I was just curious why they were all shifting to the Co-Op inparticular! I guess that was just a mis-phrase by the OP though.

mjm3346

callum9999 wrote: »

I assumed that, I was just curious why they were all shifting to the Co-Op inparticular! I guess that was just a mis-phrase by the OP though.

Lots of the banks are tied up at some level along with various credit card offerings, co-op are a bit more stand alone, offer a basic account and accept bankrupts

Tirian

bengal-stripe wrote: »

Nobody asks you to pay in full, you only have to pay the minimum.



The agreed amount is the minimum. Rest assured, if you haven't broken the agreement previously, they will not take any more monies.

Pretty much all credit agreements state that if you fail to make payments on time then the creditor has the right to demand repayment in full.

Likewise, if you have a bank account with the same provider as a credit card, and you are in arrears on the credit card payments, the t&c of the bank account will generally permit them to deduct any outstanding amounts on the credit agreement instantly upon available funds being credited to the bank account.

It is for this reason that the OP will have been advised to switch bank - otherwise their entire income could well be swiped to pay off arrears to a single creditor ... which can not only mean they have nothing to live on for a month, but also that other creditors are disadvantaged.

pooch

Oh dear, the shame of it all ...

Padstow

Well it's still going on. Went to transfer money, checked recipient's account number which was correct, went through the process and read to double check before clicking ok, and they'd added an extra digit to the account number.
So at the beginning it's correct but at the end wrong. Now I'll have to phone it through.

Lansdowne

Padstow wrote: »

Well it's still going on. Went to transfer money, checked recipient's account number which was correct, went through the process and read to double check before clicking ok, and they'd added an extra digit to the account number.
So at the beginning it's correct but at the end wrong. Now I'll have to phone it through.

Co-op like to put 00 at the end of a bank account number to make it 10 digits. Doesn't usually cause any problems.

Tupperware_Queen

I use my co-op cashminder account to keep my petrol money separate, I use it regularly at tesco, asda and morrisons pay at the pump machines without any problems (tho there is one morrisons store where it always asks me to pay at kiosk!)

transactions take a few days to go through, but I record everything spent in a notebook, so its easy to keep track